As you are aware, I was very excited to order my Coin card, which will hopefully be shipping in the next few weeks. It will combine all my credit and debit cards into just one card, making my wallet significantly lighter. Instead of taking out a different credit card for each transactions, I’d simply tap the card a few times to select the card I wanted.
As great as that sounds (and I am really excited for that), it could get better. For the past few years, there has been an even better solution on the horizon. I’ve been tracking Wallaby, which in addition to combining all the cards into an all-in-one card, it would automatically select the most optimal card to use at each store without you having to do any work.
So far, Wallaby has an app which you can open, select what type of store you’re at, and Wallaby will tell you which is the most optimal card to use. If you’re at a gas station, it will tell you which of your cards will give the best rewards so that you can take that credit card out and swipe it.
Now, imagine going to the same gas station, and instead of whipping out the iphone app and finding out which is the most optimal card to use, you just swipe your Wallaby card and it would automatically use the best card without you having to do any work at all.
Last week, personal finance publisher Bankrate announced that it had acquired Wallaby Financial, the credit card optimization site. Wallaby helps consumers choose the credit card most compatible for their specific situation, and has amassed a large audience over the past few years.
Normally, I don’t care much about the personal finance space condensing, but I have been keeping my eye on Wallaby for some time because of the all-in-one credit card they’ve been promising.
Unfortunately, I’m assuming that Bankrate has acquired Wallaby for their technology, not for their possible physical card which is in the works. Wallaby has a large audience and will help Bankrate increase its conversion rates, which will help it further solidify its credit card lead generation. However, I’m not sure how the Wallaby Card would fit into Bankrate’s strategy.
We’ll have to wait to see how this all shakes out, but if the Wallaby card is a casualty of this acquisition, it will be a big shame.
UPDATE 5/4/2015: I just received an email saying that the Wallaby card won’t be coming out at all, but they’ve partnered with Wocket Wallet and Card to add the technology to future cards. You can pre-order one for $150. Meh.